Self-Directed Brokerage Account
Schwab Personal Choice Retirement Account (PCRA)
The self-directed brokerage window allows for employees to invest in mutual funds outside of the core fund line-up. Money may only be invested into your PCRA through a direct transfer initiated from your Transamerica (formerly Diversified) account. Effective April 1, 2011, employees can transfer up to 100% of their Diversified account balance attributed to employee contributions into a Personal Choice Retirement Account (PCRA) with Schwab.
Example: If you have $20,000 in your Transamerica account with $15,000 of that amount attributed to your own employee contributions (includes rollovers from other plans), you can transfer up to $15,000 into the PCRA. This rule continues to apply for any future transfers available from your employee contributions in your Transamerica account.Direct transfers to your PCRA from certain funds may be prohibited. For your DC Plan, the Guaranteed Pooled Fund is the only fund that is prohibited from this transaction. The initial transfer minimum to your PCRA is $1,000, then $250 for subsequent transfers, however some funds offered through Schwab may require higher minimums. There is a $50 annual account fee that is charged to each participant who uses the PCRA. This annual fee will be paid by WHOI on behalf of the participant.
WHOI does not monitor the funds that participants are invested in through the PCRA. It is the responsibility of the participant to research and monitor funds from this account. Please be aware that some funds offered in the PCRA can charge additional fees such as front-end or back-end loads, redemption fees, etc. These fees are not paid for by WHOI.
For more information on the Schwab PCRA, call Schwab's Dedicated PCRA Call Center at 888-393-PCRA (7272) or contact Schwab online at www.schwab.com to place trade orders in your account and to confirm which funds may require higher minimums. Please review the informational brochure for rules and procedures for accessing and opening a Schwab Personal Choice Retirement Account.
NOTE: Transfers to or from your PCRA are prohibited during the last two days of any month to allow for transaction settlements.
Last updated: June 28, 2013